Coinbase Co-founder’s Firm Eyes 3 Venezuelan Oil Fields

Fred Ehrsam’s investment firm Primavera is negotiating for control of three oil blocks — Boca, Guico and Guara — in Venezuela’s Orinoco Belt. The talks were first reported in early September and remain nonpublic; no agreement or transfer of assets has been announced.

Primavera is a separate investment vehicle owned by Ehrsam, the co-founder of Coinbase. The three blocks are currently operated by Alvorada Heavy Industries.

According to people involved in the discussions, Primavera is pursuing block-level control. Any transfer of operational control would require formal contracts and regulatory approvals before operations could change hands.

There is no public indication that Coinbase or the investment firm Paradigm are participating in the negotiations. No blockchain, cryptocurrency or digital payments element has been disclosed for the prospective transaction.

The talks are unfolding amid a US-backed reallocation of Venezuelan energy assets. A US government fact sheet dated Aug. 31 describes long-term concessions awarded to another company covering 17 fields and details a 35% US government equity stake, preferential purchase rights over production and veto rights on board appointments. Analysts and lawmakers have questioned whether acting President Delcy Rodríguez had authority to grant century-long concessions and noted the National Assembly had not approved the broader arrangement.

Ehrsam visited Caracas on May 13 to speak at a Banco de Venezuela event about cryptocurrencies and the financial sector. That public engagement did not establish a formal link between his remarks and the oil negotiations.

If Primavera and Venezuelan authorities reach a binding deal, the contract terms — including the duration of rights, investment commitments and governance arrangements — will determine whether Primavera gains operational control or a financial stake. Until contracts are signed and approvals are issued, Boca, Guico and Guara remain reported negotiation targets.